gold is nothing more
than a translation for the buying power of the
dollar. If you really want to see where gold
is going look at the dollar chart. Everyone is
looking for the demise of gold. It is down a
big 10%. There is currently downside pressure
being applied to gold and yet price hasn't been able
to take out the previous low. Price has hit
the entry price for a move higher with a price
objective of 920. That move is in force until
845 is hit. that is the only thing that will
void that move higher. The entry price for a
down move has been hit so an exit from a long
position would be called for. If you want to
get short us a put and control your risk.
On the long term chart
I have support at 834 and a target price for a down
move at 773 and there is downside pressure being
applied to that chart also. If anyone thinks
that the inflationary spiral is over they had
better do some more research. The commodity
boom is not over yet. It may be a little long
in the tooth, but watch out, it can still bite you.
Is the bull market back
in gold? Only time will tell.
Just one man's opinion.
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